Engulfing system

The most simple system.
Without indicators.
Works on any time-frame, but the higher the better.

The explanation is for a Short trade, vice versa for Long.

1. Price has to break 0.1 pip above the High of the last closed (previous) bar.
2. We place a Sell pending order (PO) 0.1 pip below the Low of that closed bar.
3. If PO is not filled until current bar is closed it will be cancelled.

TP - 15 pips for 1 hour bar, 20-25 pips for a 4 hours bar
SL - above the opposite side (High) of the breaking bar + X pips**.

** + X pips to be safe that price has not reached the opposite side of the breaking bar and then turned back. X pips means different value for different pairs. It depends on the volatility of each pair.

Another example:

AU:
In this example I marked in red the place of the PO.

Congrats Smilee89 for the new thread. Thanks a lot for your effort to share the system with us. Wish you all the best

eu gu

I'm sory but I have to ask it
is there any EA fo this system?


cheers!

How do you decide when you place your PO which direction you are going to try to enter?

I withdraw my question. I see it now.

What do you think? does it follow the rules?

That was fast!

In fact that was to fast haha still there are some Ordersend Errors

Is it a script, EA or indy?

hi smilee89 (http://www.forexfactory.com/smilee89), could you please explain more clear about the order.

do you meaning we should place an order after the current close or not? if not, we may get whipped.

Updated post #9

it is an EA

You place the PO only after price broke either high or low of previous bar.

Not bad but it might be improved (OOTB)

EA?
It does not work.

It does not work on all brokers, depends if it is an ECN crim or not, I don't have the skills to make it work for all the brokers, sorry

It works.

Statement.